Twin Focus Capital Partners LLC Acquires New Position in Magnite, Inc. (NASDAQ:MGNI)

Twin Focus Capital Partners LLC bought a new position in Magnite, Inc. (NASDAQ:MGNI) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 15,267 shares of the company’s stock, valued at approximately $143,000.

A number of other institutional investors also recently modified their holdings of MGNI. Burgundy Asset Management Ltd. boosted its position in Magnite by 3.2% during the fourth quarter. Burgundy Asset Management Ltd. now owns 2,431,110 shares of the company’s stock valued at $22,707,000 after purchasing an additional 75,852 shares during the last quarter. Rubric Capital Management LP increased its holdings in Magnite by 80.7% in the third quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company’s stock worth $30,160,000 after buying an additional 1,785,978 shares during the last quarter. Kennedy Capital Management LLC lifted its stake in Magnite by 2.8% in the third quarter. Kennedy Capital Management LLC now owns 2,692,371 shares of the company’s stock valued at $20,300,000 after acquiring an additional 74,367 shares during the last quarter. Roumell Asset Management LLC grew its position in Magnite by 14.7% in the fourth quarter. Roumell Asset Management LLC now owns 622,511 shares of the company’s stock worth $5,814,000 after acquiring an additional 80,000 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Magnite during the 4th quarter worth $8,164,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Insider Buying and Selling at Magnite

In other news, CFO David Day sold 20,732 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $13.00, for a total transaction of $269,516.00. Following the transaction, the chief financial officer now owns 471,131 shares of the company’s stock, valued at $6,124,703. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Adam Lee Soroca sold 10,597 shares of the firm’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $12.30, for a total value of $130,343.10. Following the completion of the transaction, the insider now owns 450,655 shares of the company’s stock, valued at $5,543,056.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO David Day sold 20,732 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $13.00, for a total transaction of $269,516.00. Following the transaction, the chief financial officer now owns 471,131 shares of the company’s stock, valued at $6,124,703. The disclosure for this sale can be found here. In the last quarter, insiders sold 99,629 shares of company stock worth $1,323,232. 4.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have commented on MGNI shares. Evercore ISI increased their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a research report on Monday, June 3rd. B. Riley initiated coverage on Magnite in a research report on Friday, April 19th. They issued a “buy” rating and a $14.50 price target on the stock. Bank of America raised Magnite from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $13.00 to $15.00 in a research report on Friday, May 24th. Susquehanna reiterated a “positive” rating and set a $14.00 price target on shares of Magnite in a report on Thursday, May 16th. Finally, Needham & Company LLC restated a “buy” rating and issued a $15.00 price objective on shares of Magnite in a research note on Thursday, May 16th. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $15.65.

Magnite Price Performance

Shares of Magnite stock traded down $0.14 during trading on Friday, hitting $13.73. 2,531,166 shares of the company’s stock traded hands, compared to its average volume of 1,811,348. Magnite, Inc. has a twelve month low of $6.28 and a twelve month high of $15.73. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.10 and a quick ratio of 1.10. The company has a market cap of $1.92 billion, a PE ratio of -21.45, a PEG ratio of 0.96 and a beta of 2.35. The firm’s fifty day moving average price is $10.64 and its 200 day moving average price is $10.07.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, May 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.05. The company had revenue of $130.55 million for the quarter, compared to the consensus estimate of $123.77 million. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. Analysts forecast that Magnite, Inc. will post 0.38 earnings per share for the current year.

Magnite Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.